MANILA — The Philippines is predicted to extend its rice imports this 12 months and subsequent following the federal government’s transfer to cut back tariffs by 15 p.c till 2028, thus retaining its standing because the main rice importer on the earth.
In a report, the US Division of Agriculture’s (USDA) International Agricultural Service estimated that the nation’s rice imports would attain 4.6 million metric tons (MT) in 2024.
That may be greater by about 27 p.c than the three.6 million MT of imported rice in 2023.
Up to now, the nation has procured 2.17 million MT of imported rice as of June 6, principally from Vietnam.
China was the largest importer in 2021 and 2022, with the Philippines rating second. The next 12 months, nonetheless, the Philippines took excessive spot.
READ: PH inks 5-year rice importation cope with Vietnam
With the USDA’s projection, the nation will retain the highest spot, adopted by Indonesia with 3.5 million MT.
The international company additionally estimated the nation’s rice imports in 2025 to achieve 4.7 million MT, which meant the Philippines would probably retain the highest spot for 3 consecutive years, based mostly on USDA projections. Vietnam can be a distant second with 2.95 million MT.
Rising rice consumption
Except for decrease tariffs, the upward revision within the USDA’s forecast is attributed to an anticipated improve in rice consumption.
READ: Marcos approves minimize in rice tariff to fifteen%
Earlier, the Nationwide Financial and Growth Authority board led by President Marcos mentioned the tariff for rice imports can be slashed to fifteen p.c from 35 p.c. This was included within the modified Complete Tariff Program overlaying the years 2024 to 2028 aimed toward protecting costs of main meals merchandise reasonably priced for customers.
The President, nonetheless, has but to challenge a fiat on the brand new tariff construction, which additionally covers different agricultural gadgets equivalent to meat.
The USDA mentioned international rice manufacturing would barely improve this 12 months amid a much bigger harvest from India. Worldwide rice shares had been anticipated to develop, “totally on will increase for the Philippines and Kenya.”
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“Whole imports are estimated greater on will increase for the Philippines, Kenya, and Iraq. Exports are up, pushed by India, Vietnam, Pakistan, and Thailand,” the USDA famous.
